Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks10. Authorization to establish mutual bank |
| (1) | A mutual bank may only be established if the Registrar has, in pursuance of an application for authorisation to establish such a mutual bank, made to him in accordance with the provisions of subsection (2), granted such authorisation. |
| (2) | An application contemplated in subsection (1)— |
| (a) | shall be made by an applicant on behalf of at least seven persons (hereinafter referred to as the founders) who have subscribed their names to proposed articles of association agreed to by them for the government of the mutual bank; |
| (b) | shall be made in the prescribed manner and on the prescribed form; and |
| (c) | shall be accompanied by a statement containing the prescribed information. |
| (3) | The Registrar may require an applicant contemplated in subsection (2) to furnish him with— |
| (a) | such information or documents, in addition to information and documents furnished by the applicant in terms of subsection (2); or |
| (b) | a report by a public accountant as defined in section 1 of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991), or by any other knowledgeable person approved by the Registrar, on such aspects relating to the application in question, as the Registrar may deem necessary. |